How To File Long Term Capital Gains Tax of Property With Taxgoal

With Taxgoal You Can File Your Long Term Capital Gains Tax of Property in Simple Steps.

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Long term capital gains tax of property India- Rs.3540

Long Term Capital Gains Tax on Property returns is to be filed when gains arise on account of the sale of any house, land, office, building etc. If a property is sold within a period of 24 months (from F.Y. 2017-18) from the date of its purchase, the gains will be taxed as Short Term Capital Gain and as Long Term Capital Gain if sold after 24 months. Taxgoal advises you on the optimum investments that can be made which will enable you to save capital gains tax and help you file your income tax return fast & easily.

Sold any House Property like flats, residential buildings, commercial buildings etc & made a Gain on such sale? File your Capital gain return with Taxgoal

What is Capital Gains Tax on Property? What are the types of capital assets?
  • Any Profit or Gain arising from the transfer of a Capital Asset during the year is charged to tax under the head “Capital Gains”.
  • Capital assets include but are not limited to Shares, Immovable property, Gold, Mutual funds, etc.

Services Covered

  • Assistance on Income tax queries on issues related to Capital Gain like type of Gain (Short-term or Long-term Gain), Rate of tax on such Gains, Tax savings on such Gains etc.
  • Filing of Income Tax Return
  • Assist in payment of challan for discharging tax liability
  • Review of Computation of tax and file return once approved by you

For Whom this plan is?

  • Individuals who have sold any Immovable property like house, flat, residential or commercial building etc

Documents Required

  • Details of property sold such as sale deed, expenses incurred etc
  • Details of reinvestment of purchase of new House Property if any
  • Details such as PAN card no, AADHAAR CARD
  • Bank details such as account no, IFSC code
  • Bank account statement
  • Proofs of Investments such as LIC premium paid, fees of children etc
  • Details of any Advance Tax deposited
  • Any other detail as required


Frequently asked questions

Form 26AS is a statement that shows the details of tax credit in a tax-payer’s account as per the IT Department’s records. The tax credit will include all the different taxes like TDS, Self-Assessment tax, Advance tax etc

Some of the types of deductions are: 1. 80C : Deduction Lic premium paid, tution fee of children, PPF etc. Maximum deduction allowed is Rs 150000. 2. 80TTA: Deduction form income of saving bank interest upto Rs 10000 3 80D : Deduction for medicliam premium paid (through banking modes) upto Rs 25000 for person below 60 years of age and Rs 50000 for person above 60 years of age (Max deduction under this section is RS 100000) 4. 80E: Deduction for interest on loan taken for pursuing higher education of self or family members or a relative. 5. 80G: Deduction for eligible Donations upto either 100% or 50% like donation in Prime Minister Nation Relief fund etc.

It is possible to file a revised return if the original return has been filed before the due date and the Department has not completed the assessment. However, a revision is not possible for a return filed after the due date.

Some of the income classified under other sources are: 1. Any contribution to a fund for welfare of employees received by the employer. 2. Income received by way of interest on securities. 3. Income from letting out or hiring of plant, machinery or furniture. 4. Money received under a Keyman Insurance Policy including bonus. 5. Commission or brokerage 6. Tution fee 7. Dividend Incomme 8. Winnings from lotteries, crossword puzzles, races including horse races, card game and other game of any sort, gambling or betting of any form is classified as income from other sources. 9. Gifts received by an individual or HUF (which are chargeable to tax) are also taxed under this head.

The due date for filing your Income Tax Return for the financial year 2017-2018 is 31st July, 2018. However belated return for F.Y. 2017-2018 can be filed upto 31st March 2019.

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